The City of Chicago has teamed up with some select developers to offer large incentives on over 200 homes in 22 neighborhoods. The incentives can total as much as $60,000 to $80,000. The program is called Find Your Place In Chicago and it’s well worth a look.
There are some incentives that are available on every home in the program:
- Some, but not all lenders will provide a Mortgage Credit Certificate. Depending on eligibility, it gives up to a $2000 federal income tax credit for the life of the mortgage.
- Some lenders involved in the program are offering special deals on mortgages: fixed-rate mortgages with only 3% down as well as grants to help with closing costs and fees.
- Down-payment grants and forgivable loans are being offered by some public and private employers toward the purchase of these homes.
- Between April 9, 2008 and June 30, 2009, the federal government is offering a $7,500 credit to everyone who purchases a home.
- Developers involved in the project are offering a lot of free incentives: free parking, free upgrades, etc.
Some of the homes have much larger incentives available:
- The Partnership for New Communities is providing $10,000 to the first 100 buyers on some of the homes that are priced under $450,000.
- Depending on your household income, you may be eligible for up to $30,000 in purchase-price assistance from the Chciago Partnership for Affordable Neighborhoods (CPAN).
- New Homes for Chicago is offering up to $40,000 in purchase-price assistance on certain homes to buyers who qualify.